Home » Fraud updates » PCB obtains Freezing and Search Orders in “one of Russia’s biggest ever alleged bank frauds”

PCB obtains Freezing and Search Orders in “one of Russia’s biggest ever alleged bank frauds”

PCB’s litigation team has assisted Vneshprombank in obtaining extensive Worldwide Freezing, Search, Disclosure and Passport Surrender Orders against Georgy Bedzhamov. The Orders were granted by the English High Court, freezing Mr Bedzhamov’s worldwide assets up to £1.34 billion.

Vneshprombank collapsed and its liquidator, the Deposit Insurance Agency subsequently discovered what it believed to be an extensive fraud, which included suspect loans to shell companies alleged to be connected to Mr Bedzhamov. Mr Bedzhamov is facing separate criminal proceedings in Russia relating to the collapse of the bank.

The Freezing and Search Orders enabled premises alleged to have been used by Mr Bedzhamov to be searched. He has been ordered not to leave England and Wales, and been made subject to personal spending caps. Assets frozen by the English Court include a range of international assets such as apartments, other properties and holding companies which are all alleged to belong to Mr Bedzhamov.

Steven Philippsohn, who is leading the PCB team, said: “We welcome this decision, which we anticipate will be an important milestone in the efforts to seek redress for the alleged massive fraud that Mr Bedzhamov is (along with others) accused  to have perpetrated”.

For further enquiries, please email Steven Philippsohn at snp@pcblitigation.com